Evan Spiegel, co-founder and chief executive officer of Snap Inc., stands on the floor of the New York Stock Exchange during the company’s initial public offering on Thursday, March 2, 2017.
Michael Nagle | Bloomberg | Getty Images
After a rough two years following its IPO, Snap is trading within shouting distance of its $17 debut price from March 2017.
While hardly cause for celebration, considering a generic bet on the S&P 500 would’ve returned 25% during that same period, it’s quite a turnaround for a company that spent the bulk of last year in free fall, as users fled the Snapchat app and losses mounted.
Snap has since abandoned its effort to cater to everybody, and renewed its focus on young users, which remain a strength for the company and an area where it has a clear advantage over rival Facebook. Advertisers are finding more ways to reach those users and now have better tools to track their campaigns.
Investors are rewarding the company in a big way.
The stock price has more…